[Insider trading laws]: If you are a member of Congress, those laws are deemed not to apply, "
http://www.cbsnews.com/8301-18560_162-57323221/congress-insiders-above-the-l... "Steve Kroft reports on how America's lawmakers can legally make tidy profits on information only they know, simply because they won't pass a law against themselves. " "Among the revelations in Kroft's report: * Members of Congress have bought stock in companies while laws that could affect those companies were being debated in the House or Senate." "[Insider trading laws] apply to corporate executives, to Americans...If you are a member of Congress, those laws are deemed not to apply," he tells Kroft. "It's really the way the rules have been defined...[lawmakers]have conveniently written them in such a way as they don't apply to themselves," says Schweizer. Efforts to make such insider trading off limits to Washington's lawmakers have never been able to get traction." ...
and Video excerpt : http://www.cbsnews.com/video/watch/?id=7387288n ps: Just noticed that poor richard ( on this list ? ) already republished such information on his blog http://poorrichards-blog.blogspot.com/2011/11/congress-insiders-above-law.ht... On Sun, Nov 27, 2011 at 1:24 PM, Dante-Gabryell Monson < [email protected]> wrote:
http://www.cbsnews.com/8301-18560_162-57323221/congress-insiders-above-the-l...
"Steve Kroft reports on how America's lawmakers can legally make tidy profits on information only they know, simply because they won't pass a law against themselves. "
"Among the revelations in Kroft's report:
* Members of Congress have bought stock in companies while laws that could affect those companies were being debated in the House or Senate."
"[Insider trading laws] apply to corporate executives, to Americans...If you are a member of Congress, those laws are deemed not to apply," he tells Kroft. "It's really the way the rules have been defined...[lawmakers]have conveniently written them in such a way as they don't apply to themselves," says Schweizer.
Efforts to make such insider trading off limits to Washington's lawmakers have never been able to get traction."
...
participants (1)
-
Dante-Gabryell Monson